S NO 10,000 + During the month, Knaus. 29. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. Mulberry paid the interest payable of $8,000. b. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. 1. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 75,000 In this activity, you will be creating. Required: During June, Ming Chen (the owner) completed these transactions. Ming Chen (the owner) completed these transactions: Required 1. During June, Ming Chen (the owner) completed these transactions. In addition, $28,000 of computer rental costs were incurred and paid. d. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) d. Does the activity add value to Latchey’s provision of insurance services? 2. Home., A:Since you have asked multiple questions under a single question. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 000 First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). 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Determine the net income or net loss for April. If there is. The actual work of dry cleaning is done by another company for a fee. 10,000 He completed the following transactions during June: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare an unadjusted trial balance as of August 31, 2016. During June, Find answers to questions asked by students like you. Post the journal to a ledger of four-column accounts. Explanations may be omitted. $30000. Record the transactions and the balance after each transaction. f. Paid office salaries, $6,500. b. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. i. Prepare an income statement, a retained earnings statement, and a balance sheet. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. During June, Ming Chen (the owner) completed these transactions.a. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Journal entry is used to the record the business transactions of an enterprises. During June, Ming Chen (the owner) completed these transactions. a. Wallace deposited 24,000 in a bank account in the name of the business. Owner withdrew $1,000 cash from the company for personal use. A statement of changes in Equity e. 1. Insurance expired during May is 275. b. e. Is it a budgeted or an actual cost in your report? 00. b. 504. j. During June, Ming Chen (the owner) completed these transactions: a. 2. the. d. The company completed work for a client and immediately collected the $2,500 cash earned. Since there are multiple subparts, we will answer only first three subparts. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. No. 2. 61,000 Assets The company paid $1,500 cash for rent of office space for the month. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. . H. Paid the worker hired in D for one weeks work. 8.000 25,000 There is no prepaid rent or rent payable at year-end. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). b. Simple Accounting equation is. Paid cash for miscellaneous expenses, 375. j. 13. 27.Paid electric bill, 915. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Extend the balances to the appropriate balance columns after each transaction is posted. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. 2,500 Expenses %D c. Paid April rent for office and workroom, 3,150. d. Paid cash for supplies, 1,450. e. Purchased office and computer equipment on account, 6,500. f. Paid cash for annual insurance policies on automobile and equipment, 2,400. g. Received cash from a client for plans delivered, 12,000. h. Paid cash to creditors on account, 1,800. i. (Income Summary is account 34 in the chart of accounts.) Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. View this solution and millions of others when you join today! b. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. Instructions 1. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 8.000 The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: b. 30. Recorded services provided on account for the period May 16-20, 4,820. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. Journals: On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. $4 Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. Received 500, with the remainder due on August 9, 2019. 31. 25. Purchased office equipment on account from Office Mart, 7,500. Introduction: 75,000 Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. What amount should Carter report as net cash from investing activities? Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. Instrustions Prepare a balance sheet as of July 31, 20Y5. 13. A:a)Indicate the effect of the given transactions. Determine account balances of the T accounts. Instructions 1. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Greetings! 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month During June, Ming Chen (the owner) completed these transactions. A:Introduction: b. %3D (Record as Miscellaneous Expense.) (Continued) Required: 1. 3. a. 4. A balance sheet I. %24 Purchased office equipment on account, 15,000. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: The worker will be paid $275 per week. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Any additional hours beyond SO will be billed to KXMD at 40 per hour. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. A:The financial statements of the business include the income statement and balance sheet of the firm. Paid on account to the City Crier, 455, Ck. February 20, 2023. Prepare the necessary journal entries to record these transactions. Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. During June, Paid wages of employees, 6,800. Greco resort opened for business on june 1. 2. Purchased supplies on account, 735. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. LIABILITY Paid 5,000 on note payable. (i) Paid electricity bill, 85. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 9. Mc. During the month, she completed the following transactions connected with her professional practice: a. On March 1 of this year, B. Gervais established Gervais Catering Service. 25.000 58,500 C. Provided services in the amount of $1,000. Served as disc jockey for a party for 2,500. Use a chart of accounts to order the ledger accounts. 4. 7,500 Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. b. %3D Enter the impact of each transaction on individual items of the accounting equation. Instructions 1. (Enter decreases to account balances with a h. Purchased land as a future building site, paying cash of $120,000. Hill d. Purchased office supplies on account, $1,250. Determine the excess of revenues over expenses for November. Expenses %3D Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). 1. Received cash from customers on account, 9,000. Paid dividends, $3,000. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. (Do not insert the account numbers in the journal at this time.) The company paid $1,500 cash for rent of office space for the month. A Wages of $379,000 were paid in cash. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. d. The company completed work for a client and immediately collected the $2,500 cash earned. Record the transactions and the balance after each transaction. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Ken Jones, an architect, opened an office on April 1, 2016. ASSETS Prepare T accounts, using the account titles in (1). Instructions 1. Determine the amount of Joel Palks capital as of July 1 of the current year. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Hal Smith opened Smith's Repairs on March 1 of the current year. Purchased supplies for cash, 1,750. During June, Ming Chen (the owner) completed these transactions. 1,500 minus sign.) Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Received 2,000 for serving as a disc jockey for a wedding reception. 10,000 If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 61,000 f. The company purchased additional equipment for $6,000 cash. 3. g. Paid interest on the note payable, $500. %24 On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. Paid dividends, $3,000. Bal. 8,000 Q:Connie Young, an architect, opened an office on October 1, 2019. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. c. Received cash from fees earned. 17. During the month, Jones, A:T accounts: Instructions 1. 3. During the first month of I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Received cash for job completed, 11,500. Paid gas, oil, and repairs on automobile for April, 550. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Hal Smith opened Smith's repairs on 01.03. Is it a product or a period cost? Owner invested $60,000 cash in the company along with equipment. How much did Junes transactions increase or decrease Chad Wilsons capital? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.